10 of the best online loans in Ghana without collateral

10 of the best online loans in Ghana without collateral

Online loan platforms have given traditional money lenders like banks a run for their money. The advantages of online loan providers are many; hence they have attracted many clients within a short period. For starters, online loan lenders require no collateral, which impedes people from seeking grants from banks. Therefore, online loans in Ghana without collateral are a lifesaver for people who have no security for the funds they seek.

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Best online loans in Ghana
Photo: canva.com (modified by author)
Source: UGC

There is no shortage of loan apps in Ghana and as long as you have a smartphone, accessing loan money is instant. All you have to do is create an account, request a grant, and have your money within minutes. No need for the long journey to a bank where you will be subjected to long queues to be denied a loan because you lack collateral or some other reason.

Online loans in Ghana without collateral

If you want loans in Ghana without collateral, you must know the right apps from which you will seek the service. As always, ensure that you download legitimate apps; otherwise, you may give your data to unscrupulous individuals. Below are some of the best online loans in Ghana without collateral:

1. Fido

Fido money lending is a mobile application through which users can get instant loans. When you request a grant, it is sent to your mobile money wallet; hence you won't need to go to a bank to withdraw. In addition, you won't be asked to produce proof of any collateral to access the Fido grant.

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However, you must produce an ID, details of your residence and those of your employment during the registration process. Fido will then determine if you qualify for the amount you requested before disbursing the money.

2. PayLater (Carbon)

PayLater brings together private money lenders in Accra, intending to provide smart cash grants to Ghanaians through a mobile application. Once you submit your application, money is instantly deposited into your mobile wallet.

To kick-start the process, you have to create an account on the app by filling in the basic information. Then, you apply for a grant, and once it is approved, you get your money in less than five minutes. First-time borrowers access 5 Ghana cedis with an interest rate of 5%.

3. Zidisha

It is a micro-lending community that brings together lenders and entrepreneurs. Getting a grant requires a Zidisha app, an ID and recommendations from friends or family. Entrepreneurs are required to post a loan application and reasons for taking the grant.

Loans range from as little as $1 to as large as the amount requested. There is no interest rate on these grants, but a service fee of 5% of the loan amount is deducted and a 40 Ghana Cedis membership fee.

4. MTN Qwick

online loans in Ghana without collateral
Application form near a calculator. Photo: @tezos
Source: UGC

MTN customers can access online loans through its partnership with AFB Ghana. To qualify for a credit, you must have transacted in your wallet for more than 90 days. If you meet all the requirements, you can access instant loans of up to 1,000 Ghana Cedis.

The interest rate is 6.9%, and no collateral is required other than the frequent use of MTN mobile money. However, previous credit must be repaid on time to access future loans.


It operates through partnerships with other fintech to avail small business loans. Download the OZE business app from where you can apply for a credit of up to 10,000 Ghana Cedis. The interest rate stands at 3% per month.

You can repay your credit through instalments that can be spread for as long as an entire year. Eligibility is determined by being an active OZE user for more than one month. First, applications are reviewed by OZE coaches, after which processing is done.

6. Pezesha

Pezesha is a platform dedicated to business grants of up to 6,000 Ghana Cedis. These include LPO financing, asset financing, inventory financing and working capital financing. But, first, you need to fill out an application form online and give your identification details.

The application process is easy and takes no more than two minutes. Credit repayment is flexible and can be done over three to twelve months.

7. LendingPapa

LendingPapa is another quick online loan app in Ghana. Go to the AppStore and download the LendingPapa app, from where you will access credit of up to 1,000 Ghana Cedis.

Having the app is not enough to access credit through LendingPapa because you have to register an account. Through the account, you can confirm your identity and be able to submit your application.

8. KiaKia app

It is among the most recent mobile money lending apps in Ghana. It boasts one of the quickest application processes that inform you of your status within minutes. In addition, KiaKia provides short-term loans that can be repaid within a short time.

9. FairMoney app

online loans in Ghana without collateral
A person reading a congratulations message for credit approval on his phone. Photo: @nate_dumlao
Source: UGC

FairMoney Loan App is the app to go to for quick credit to cater to personal finance, vehicle maintenance, health bills, or any other emergencies. The Nigerian company has its presence in Ghana, offering free bank transfers.

10. CashGhana Limited

It is one of the best loan apps in Ghana, especially for employed people. CashGhana Limited offers a salary advance to employed people in private and public service. The short-term credit is issued with you being required to have any collateral.

The requirements are lenient because all you have to produce is a valid national ID and a letter from your employer's accounts office. Once you submit your application, money is disbursed to your account immediately.

Frequently asked questions

  1. How can I get a collateral-free loan in Ghana? The best way to get an unsecured credit in Ghana is through mobile applications that only need your personal information.
  2. How can I borrow money instantly? Get a personal credit from an online lender that does not require collateral.
  3. Is Fairmoney loan in Ghana? Nigerian-based company Fairmoney has its presence in Ghana, where it lends money through a mobile application.
  4. How do I get an instant loan in Ghana? First, download a mobile money lending app which provides instant loans at any time and place.
  5. Can anyone get a mobile money loan in Ghana? Any person of legal age can access mobile money loans using a smartphone.
  6. Is there a limit for mobile money loans? Yes, new borrowers are usually subjected to low limits, which grow based on your history of repayment.
  7. Can I get a mobile money loan in Ghana without paying the first loan? No, once you have been given a credit, you have to complete paying it before being given another.

Thanks to the many apps and sites that have occupied this space, getting online loans in Ghana without collateral is now a reality. The instant mobile money loans come in handy during personal emergencies and for small businesses that do not have savings. Furthermore, by paying the credit on time, the limit increases; hence, you can borrow more.

DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!

Yen.com.gh shared an interesting article about how to make money online in Ghana as a student. With the growth of internet access, there are many options to choose from.

With some creativity, it’s possible to earn extra cash without leaving your dorm. The article gives legitimate online opportunities available and ideas to help you boost your income.

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Source: YEN.com.gh

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